Bill > S194

This bill aims to reduce federal spending and the deficit by ending taxpayer financing for presidential election campaigns and party conventions. Specifically, it proposes to terminate the option for taxpayers to designate $3 of their income tax liability to fund presidential elections, effectively ending the Presidential Election Campaign Fund and the Presidential Primary Matching Payment Account. The bill amends the Internal Revenue Code to prevent these provisions from applying to taxable years after December 31, 2009, and to any presidential election or nominating convention after the bill's enactment, with any remaining funds in the Presidential Election Campaign Fund to be transferred to the general fund of the Treasury.